BoeFly business loan marketplace review May 2019 | finder.com

BoeFly business loan marketplace review

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BoeFly Business Loan

Get personalized help qualifying for a big-dollar bank loan. But beware of steep fees.

Many business owners prefer working with a bank when they need financing. But only about 20% can actually qualify.

A unique business financing service, BoeFly works to connect you with the right bank for your needs, guiding you through each step of applying and ensuring your business gets its best shot at approval.

It’s not free — you’ll pay nearly $1,500 for full service — but it could be worth it to borrowers who are uneasy about alternative lenders.

Product NameBoeFly Business Loan
Min. Amount$100,000
RequirementsMust be seeking $100,000+ in funds, have a positive cash flow, strong personal credit, be aged 18 or older and a US citizen or permanent resident.
  • Seeking $100,000+ in funds
  • Positive cash flow
  • Strong personal credit
  • Age 18 or older
  • US citizen or permanent resident

First, do I qualify?

BoeFly itself doesn’t impose eligibility requirements, but it does work with banks, which tend to be picky. You may qualify for a loan through the BoeFly marketplace if you meet some of the criteria below.

  • Are looking to borrow $100,000 or more.
  • Have a positive cash flow.
  • Have strong credit.
  • Are at least 18 years old.
  • Are a US citizen or permanent resident.

What business loans are available through BoeFly?

BoeFly is a paid business loan marketplace that connects business owners with banks. It doesn’t fund business loans itself, but it can help business owners optimize their application and potentially increase their chance of approval.

With over 5,000 banks in its network, you may be able to find a business loan for just about any need that comes up. These can include:

Looking for another type of financing? Reach out to BoeFly to find out if it can help your specific situation.

How much does it cost to use BoeFly?

Borrowing from BoeFly will cost a different amount depending on which plan you choose from: the self-service plan or the full-service plan.

Self-service plan

Fee: $699 per loan

BoeFly advertises this plan for business owners who’ve been around the block and are comfortable applying for a loan themselves. BoeFly connects you with lenders, gives you feedback on your loan application, reviews your documents and provides basic customer support by phone.

Full-service plan

Fee: $1,499 per loan
Business owners who are new to borrowing might want to take advantage of this plan. In addition to support offered under the self-service plan, you can access:

  • The bQual Report. BoeFly compiles a report and score for you and your business that might boost your chances of prequalifying with one of its partner lenders. It includes your business credit score, your personal credit score and report and a detailed review of your ability to repay debt.
  • Dedicated phone support. BoeFly assigns a loan specialist to your case who is dedicated to assisting you at any time during the application process.
  • 1-on-1 loan phone assessment. Before you start putting together your package, you speak with your BoeFly loan specialist so they have a better idea of your business needs and financial status.
  • Full-service loan packaging. BoeFly takes on the heavy lifting of putting together your loan application for you. All you do is upload the relevant support documentation.
  • DIY business plan and projection software. Get a year of access to LivePlan, a software that helps you put together a business plan and track your business’s growth.

Compare more business loan options

Updated May 20th, 2019
Name Product Filter Values Min. Amount Max. Amount Requirements
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $100,000.
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$500
$250,000
1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
$5,000
$250,000
6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly deposits
Funding to cover business expenses with daily or weekly repayments.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but many require good personal credit, minimum annual revenue and minimum time in business
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.

Compare up to 4 providers

What are the benefits of BoeFly?

  • Strong customer service. Support is BoeFly’s main strength. It can even put together an application for you if you sign up for its full-service plan.
  • Connects you with banks. BoeFly could potentially improve your chances of getting approved for a bank loan, which tends to be more difficult.
  • Startup and franchise financing. BoeFly can connect young businesses and franchises with a lender that tailors financing to their particular needs.
  • Optimizes your loan application. When you sign up for BoeFly’s full-service plan, you’ll have a chance to work with a specialist and learn what goes into a successful loan application.
  • Save time looking for a lender. While applying through BoeFly might take more time than applying with an online lender, it can cut the time you’d spend comparing lenders on your own.

What to watch out for

  • It’s expensive. There’s no way around it: BoeFly’s services aren’t cheap. If you’re comfortable with applying on your own, have excellent credit or are open online lenders or alternative financing, you might not benefit greatly from this service.
  • You’re limited to its network. A drawback of any connection service is that you narrow your pool of potential lenders to its network — meaning you might miss out on a better loan outside of it.
  • Banks get priority access if they pay. Banks that pay $99 or $250 monthly get access to new borrower requests before lenders on BoeFly’s free plan. This isn’t necessarily a bad thing if they’re the cheapest option.
  • Not for smaller loan amounts. Generally, BoeFly’s partners don’t dole out less than $100,000 in financing to small businesses.

What do other customers say about BoeFly?

Almost nothing. BoeFly gets an A+ rating from the Better Business Bureau (BBB) and has been accredited since 2011. However, you’ll find no reviews — raves or complaints — on its BBB page. Trustpilot and Reddit come up similarly empty.

In fact, we couldn’t find any customer reviews of BoeFly on any online forums — odd for a company so focused on customer service. It does, however, post videos of positive customer reviews on its website. These customers primarily say they’re satisfied with the quality of support and the simplicity of BoeFly’s application process.

What will I need to sign up for BoeFly’s services?

Because it isn’t a direct lender, BoeFly doesn’t require you to meet any hard eligibility criteria. However, you’ll generally need to meet the following criteria to qualify for a loan with one of BoeFly’s partners:

  • Strong personal and business credit ratings. Banks often require stronger credit than online lenders and credit unions. You’ll generally need good or excellent credit to qualify.
  • Need funds of $100,000 or more. BoeFly’s partner lenders generally work with businesses looking for at least $100,000 or $150,000 in financing.
  • Positive cash flow. If your business isn’t yet making money, you might have trouble qualifying with BoeFly’s partner lenders.
  • At least 18 years old. You must be the age of majority in your state — or the legal age to take out a loan — to qualify.
  • US citizen or permanent resident. You generally need to have citizenship or a green card to qualify for most loans in the US.

BoeFly’s lenders might require additional eligibility, depending on how long your business has been around.

How do I sign up?

  1. Go to BoeFly’s site and click Start Now For Free.
  2. Complete BoeFly’s Fundability App — like a preapplication — with basic information about you and your business before clicking Check Your Fundability. BoeFly lets you know if a partner lender can fit your needs.
  3. Select a plan by clicking Choose This Plan under Self Service or Full Service.
  4. Create an account with basic contact information. Read the user agreement and privacy policy before clicking Create Account.
  5. Fill out your billing information and select a payment method before hitting Preview Order.
  6. Review your order and click Submit Order.

Once your order is processed, BoeFly reaches out to guide you through next steps.

Step-by-step application with screenshots

Required documents

The documents you’re required to submit to BoeFly generally depends on the plan you sign up for, your business type and the financing you’re looking for.

It might ask to see the following documents when working on your application:

  • Bank statements. BoeFly might require statements from your personal and business bank accounts.
  • Tax returns. You might also need to provide personal and business tax returns from the past year.
  • Financial projections. While BoeFly helps its full-service customers come up with application-ready financial projections, it might want to look at the current version your business is working with.
  • Business plan. Like with financial projections, BoeFly helps full-service customers draw up an application-ready business plan, but it might want to see your current business plan to assess your application.

I got a business loan through BoeFly. Now what?

What happens next depends on the lender you’re connected with. Once you’re approved, BoeFly is out of the picture.

If it’s an option, consider signing up for autopay. Some banks offer a discount on interest, and you won’t have to worry about manual repayments each month.

Keep track of your bank account and loan balance. If you notice anything off, reach out to your lender or loan servicer’s customer service team.

Bottom line

BoeFly could be a resource for borrowers who are new to loans or have struggled with bank loan approval in the past. But you’ll want to look elsewhere if you’re interested in relatively small financing, because BoeFly’s network generally doesn’t go much lower than $100,000.

Interested in reading about more business financing options? Check out our comprehensive guide to business loans to compare lenders and learn how business financing works.

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